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EX-10.1 - PERPETUAL TECHNOLOGIES, INC. | v193338_ex10-1.htm |
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of report (Date of
earliest event reported): August 5, 2010
China
SLP Filtration Technologies, Inc.
(f/k/a
China Filtration Technologies, Inc.)
(Exact
Name of Registrant as Specified in Charter)
Delaware
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000-53010
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90-0475058
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(State
or Other Jurisdiction
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(Commission
File Number)
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(IRS
Employer
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of
Incorporation)
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Identification
No.)
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Shishan
Industrial Park
Nanhai
District, Foshan City, Guangdong Province, PRC
(Address
of Principal Executive Offices)
Registrant's
telephone number, including area code: 011-86-757-86683197
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General
Instruction A.2. below):
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM
5.02
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DEPARTURE
OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF
CERTAIN OFFICERS; COMENSAOTRY ARRANGEMENTS OF CERTAIN
OFFICERS.
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On August
5, 2010, the Board of Directors by unanimous written consent approved the
appointment of Eric Gan as Chief Financial Officer.
In
connection with that appointment the company entered into an employment contract
with Mr. Gan for a term of three years unless sooner terminated as provided in
the agreement. Under the agreement Mr. Gan has agreed to act as the
company’s Chief Financial Officer and to perform such duties as shall be
consistent with such position subject to the supervision and direction of the
Board of Directors. Under the agreement Mr. Gan will receive an
annual salary of $120,000 payable in 12 equal payment payable on the 15th day of
each month beginning on August 15, 2010. Prior to
the completion of the Company's initial public offering, the Company shall pay
to Executive a salary of $6,000 per month and shall pay $10,000 for the month
during which the Company completes its initial public offering and continue to
pay the rate thereafter. In addition to his annual salary, Mr.
Gan will be reimbursed for all reasonable expenses including travel expense
between United States and China and will be provided with housing expense during
the term of his employment. Mr. Gan shall also receive, subject to
the approval of the Board of Directors, an option to purchase up to 400,000
shares of the company’s common stock at an exercise price equal to the initial
public offering price. The option shall vest and be exercisable as
follows; 160,000 shares will vest and become exercisable on July 31 2011;
120,000 shares will vest and become exercisable on July 31, 2012; 120,000 shares
will vest and become exercisable on July 31, 2013. In the
event that the employment is terminated within 12 months from the employment
agreement date by the Company without cause, 160,000 shares shall be vested
immediately on the termination date. A copy of the Employment
Agreement is attached as Exhibit 10.1 and is incorporated herein by
reference.
Since
July 1999 Mr. Gan has been a Senior Financial Consultant at The Goetzman Group a
company which provides staffing solutions in all areas of finance and accounting.
His assignments while at
Goetzman included (i) acting as interim chief financial officer for Rino
International Inc.; (ii) acting as interim general accounting manager for
Physicals Formula; (iii) oversaw the Sarbanes- Oxley compliance project for
Smart & Final.
Mr. Gan
received his Master of Arts from Fudan University, Shanghai in June 1998 and
received his Masters in Accounting from the University of Southern California in
December 1995.
Mr. Gan
has no family relationships with any of the executive officers or directors of
the Company. There were no arrangements or understandings between Mr.
Gan and any other person pursuant to which he was appointed as Chief Financial
Officer. There have been no related party transactions in the past
two years in which the company or any of its subsidiaries was or is to be a
party, in which Mr. Gan had, or will have, a direct or indirect material
interest.
ITEM
9.01
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FINANCIAL
STATEMENTS AND EXHIBITS.
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Exhibits
10.1
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Employment
Agreement between the Company and Mr. Gan effective August 5,
2010.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date:
August 10, 2010
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CHINA
SLP FILTRATION TECHNOLOGIES, INC.
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By:
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/s/
Jie Li
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Jie
Li
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Chief
Executive Officer
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